DENVER, Nov. 23, 2011 /PRNewswire/ -- Kodiak Oil & Gas Corp. ("Kodiak") (NYSE: KOG) today announced the closing of its previously announced underwritten public offering of 48,300,000 shares of common stock, which includes the full exercise of the underwriters' over-allotment option of 6,300,000 shares. All shares were sold at a price of $7.75 per share. In connection with the offering, Credit Suisse Securities ( USA) LLC, KeyBanc Capital Markets Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC acted as joint book-running managers.
The net proceeds of the offering, after deducting underwriting discounts and commissions and estimated expenses related to the offering, were approximately $355.7 million. Kodiak intends to use the net proceeds of the offering, together with other sources of liquidity (i) to finance the previously announced proposed acquisition of interests in approximately 50,000 net acres of oil and gas properties and related assets in the Williston Basin, North Dakota, (ii) to repay all of the outstanding debt under Kodiak's first lien credit agreement, to repay all of the outstanding debt under its second lien credit agreement and to pay related fees, premiums and expenses, (iii) to fund capital expenditures for drilling, development and infrastructure, principally in the Bakken play located in North Dakota and (iv) for general corporate purposes, including financing the potential acquisition of oil and gas properties in certain core areas, such as the Bakken play.
The offering was made only by means of a prospectus, a related prospectus supplement and a free writing prospectus, each of which has been filed with the Securities and Exchange Commission. A copy of the prospectus, prospectus supplement and free writing prospectus relating to the offering may be obtained from the offices of: Credit Suisse Securities ( USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, 1-800-221-1037.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common stock of Kodiak, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.